Pharmacy benefit manager Express Scripts, Inc. is looking to better connect its customers with health plans, and believes ConnectYourCare, LLC will do the trick.
St. Louis-based Express Scripts announced on Thursday the acquisition of ConnectYourCare, billed as one of the nation's leading consumer directed health plan account administrators, from Revolution Health for an undisclosed amount of money.
"ConnectYourCare's award-winning account administration platform and seasoned CDHP experts are an exciting addition to Express Scripts, strengthening our ability to enable better health and value at the consumer level," said George Paz, Express Scripts' chief executive officer, in a press release. "With the number of FSAs (flexible spending accounts), HRAs (health reimbursement accounts) and HSAs (health savings accounts) expected to grow tremendously, we believe ConnectYourCare is uniquely positioned to take advantage of that growth within our PBM book of business and the broader market as a whole."
Baltimore-based ConnectYourCare features an account administration platform built specifically to administer health accounts, including HSAs, HRAs, FSAs and dependent care and retiree medical reimbursement accounts. Its products feature enrollment and account funding, multiple accounts combined on one debit card, HSA investment options, Web-based consumer support and wellness tools and customer service.
The company will operate as a stand-alone unit serving the CDHP market.
"ConnectYourCare represents a significant extension of our commitment to take our business model of alignment with plan sponsors and members to the next stage," added Paz. "Our success in encouraging consumers to increase the use of generic drugs demonstrates that empowered, educated consumers, given convenient, state-of-the-art tools like those of ConnectYourCare, can unlock great value in actively managing their health."
Express Scripts provides medical and pharmacy claims data to more than 50 carriers, health plans and third-party administrators and offers ChoiceMatters, a consumer education program, to plan sponsors.
"We're excited by the opportunity Express Scripts provides to realize the ConnectYourCare vision of delivering best-in-class fully portable CDHP solutions," said Jamie Spriggs, ConnectYourCare's co-founder and president. "We are impressed by Express Scripts' commitment to empowering consumers and look forward to taking full advantage of Express Scripts' distribution capabilities."